At what age should I consider estate planning?
There’s no specific age at which someone should consider Estate Planning.
This is a common question we get in our office and recently I said to someone jokingly you should probably do your estate planning before you die because it’s difficult to do it afterwards.
All joking aside, there’s no set age for when you should start an estate plan you only should do what you need at your particular stage of life. That being said, a majority of people that are creating comprehensive estate plans are adults that have accumulated some assets that they want to maintain and make sure that they get to their beneficiaries when the time comes.
There is no set age, but should you die without any estate plans in place you only have the laws of the State of California to try to guess what you would have wanted which is not a good situation.
REX CRANDELL FIRM RECOMMENDATION
If you have over $200,000 worth of assets or you have ownership to real property (own a home)
you should consider creating an Estate Plan.
If you have children, then Estate Planning is a must!
If you have kids, especially minor children under age 18, the will is the only place where you can nominate a guardian for the children should the parents pass away.
I use the term ‘nominate’ because if the parent was to pass away the nomination, or who you wanted to be guardian of your children, would have to be approved by the court. Keep in mind that this process is done through a will not through a Trust!
How often should I review my Estate Plans?
Another thing to keep in mind is that once you establish an estate plan you should review it every 5-6 years.
This is done to verify the terms and the people who you’ve named as alternates are still who you want. Additionally, the Law changes over time so if you have a lot of assets it’s better to do the estate plan early and get it out of the way so that it’s ready in the time of need.
Should minors consider Estate Planning?
If you are under the age of 18 and have a lot of assets then you probably have a guardian helping with the assets.
In terms of Estate Planning, age is really not a factor. Generally those between the ages of 18-30 may not own real property or have a large number of assets, the time to start thinking of the future is once you start to attain things you wish to pass on.
